Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Thematic (Sector/Industry)

Japan Industrials / Thematic (Sector/Industry)

<ul>
<li>Japanese equities slid as rising US long-term yields overwhelmed strong domestic fundamentals and hit AI-linked, long-duration technology valuations. </li>
<li>Treasury long-end buybacks helped yields retreat, exposing Japanese semiconductor stocks’ growing sensitivity to Washington’s debt-management decisions. </li>
<li>AI capex remains Japan’s growth engine, but higher US term premia threaten valuations, making November’s buyback expiry a key test.</li>
</ul>


Japanese equities slid as rising US long-term yields overwhelmed strong domestic fundamentals and hit AI-linked, long-duration technology valuations. 
Treasury long-end buybacks helped yields retreat, exposing Japanese semiconductor stocks’ growing sensitivity to Washington’s debt-management decisions. 
AI capex remains Japan’s growth engine, but higher US term premia threaten valuations, making November’s buyback expiry a key test.


Japan Strategy Weekly | AI Winners Held Hostage to US Bond Yields